Canada’s largest cannabis producers are being credited with micro-booms in some local economies and the trickle-down effects are visible in nearby housing sales and price increases. This trend is more pronounced in Eastern Canada, where there are a greater number of large-scale cannabis producers.

The trend in the west is a much heavier influx of cannabis retailers, led by Alberta, where the provincial government has allowed private industry to lead the way. While cannabis storefronts were met with resistance in some markets across Canada, the expected backlash didn’t transpire or manifest itself with negative impacts on residential real estate.

Calgary alone has more than 50 retail locations and Greater Vancouver has 23, compared to Toronto’s six storefronts. None of these markets have seen a meaningful impact on real estate activity or values, despite the results of a Re/Max consumer survey, which found that 65 percent of Canadians would not like to live near cannabis retail stores.

However, a poll of Re/Max brokers reveals 21 percent of Canadians already live in proximity to legal cannabis retail, and 72 percent say living near one is not a factor in their decision to move.

Calgary’s 50-plus cannabis retail locations have opened their doors over the course of the past year. The residential market has not been affected by the presence of cannabis retail, with many of the stores being located on busier commercial streets. Similarly, cannabis retail stores are not yet a factor for prospective home buyers. While marijuana legalization has not directly impacted home sales or values here, Calgary’s residential market is currently challenged due to other economic factors that are unique to the region.

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